DBS said net profit came in at S$1.41 billion in the three months ended September versus S$822 million a year earlier, and an average estimate of S$1.47 billion from three analysts, according to data from Refinitiv. The bank took accelerated allowances for weak oil and gas support service exposures last year.

Growing worries about the impact of an intensifying trade row between China and the United States on Singapore’s export-reliant economy and curbs on Singapore’s property market have muddied the outlook for banks after they reported record profits last year.

DBS, which is about 29 percent owned by Singaporean state investor Temasek Holdings, posted results after Oversea-Chinese Banking Corp announced a record quarterly profit and United Overseas Bank reported profit rose 17 percent. (Reporting by Aradhana Aravindan and Anshuman Daga)